Worried UNI investors have a reason to rejoice, but is it enough?
Uniswap dominates the Defi social scene but needs to catch up in other metrics. TVL shows promise, while the UNI token defies the downtrend with bullish momentum.
- Uniswap ranked top among other Defi platforms.
- UNI price sees a 4% increase in value after days of downtrend.
Uniswap soared to the highest echelons among Defi platforms, claiming the coveted title for the platform with the liveliest social activity in a recent ranking. However, it fell short when garnering attention in other essential metrics.
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Contrasting Uniswap social activity
In a ranking conducted by CryptoDep on July 6th, Uniswap emerged as the top Defi platform regarding social activity, surpassing all others. Uniswap secured an impressive score of nearly 30,000 points, while the second-ranked platform lagged with approximately 3,600 points. However, a closer examination of the social volume and dominance chart provided by Santiment revealed a different story.
As of this writing, there appeared to be minimal activity surrounding Uniswap. The social dominance chart indicated that UNI’s dominance had fallen below 1%, suggesting a decline in overall engagement with the platform. Additionally, the social volume had experienced a noticeable reduction, currently standing at around 1.
Analyzing Uniswaps TVL and volume
As of this writing, according to DefiLlama, the Total Value Locked (TVL) on the Uniswap platform exhibited a slight upward trend. The TVL amounted to approximately $4 billion, with most of this value contributed by V2 and V3. Specifically, V2 accounted for a TVL of over $1.1 billion, while V3 boasted an impressive TVL of over $2.8 billion.
Also, in terms of volume, excluding a notable spike on 13 March, no significant movements were observed. The March spike reached a value exceeding $4.6 billion, but as of this writing, it had decreased to approximately $861 million. However, it is worth noting that V3 showcased a substantial volume of over $1 billion at the time of writing. These metrics indicated that the most popular version of the Uniswap Defi platform was V3, based on the volume it attracted.
The UNI price trend
On a positive note, Uniswap experienced a favorable development concerning the price of its UNI token when analyzed on a daily timeframe. At the time of writing, the token was trading at approximately $5.5, exhibiting a value increase of over 4%. While this increase may not be substantial, it marked a break from the consecutive downtrend observed over the past five days.
– Realistic or not, here’s UNI market cap in BTC’s terms
Interestingly, Uniswap remained bullish despite the downtrend, as evidenced by the Relative Strength Index (RSI). The RSI’s positioning above 60 further indicated a strong bullish trend for the UNI token.
